Health informatics is defined as the knowledge, skills, and tools that enable the information to be collected, managed, used and shared for supporting the delivery of healthcare services and promoting health. Health informatics is one of the fastest growing segments of information technology and computer science. It is an application of information technology and computing disciplines for solving the problems in the field of healthcare. The need to reduce cost and increase efficiency within healthcare sectors is leading to the development of new healthcare concepts like managed care. Recent development in healthcare sector creates the need for data collation and analysis, thereby strengthening the need for adequate information systems. Although, the role of IT within healthcare sector is gaining importance, understanding of its potential still remains fragmented. 
 
Clinical informatics industry is expected to reach the value of $6.5 billion by the year 2012 owing to the increase in level of adoption of clinical informatics networks. The number of hospitals adopting the electronic health record (EHR) systems for monitoring and recording the health related data of patients is growing day by day. Another reason for growth of health informatics industry include shift in priorities of healthcare providers for achieving meaningful use certification under CMS (Centers for Medicare and Medicaid Services). Compliance of health informatics with HITECH (Health Information Technology for Economic and Clinical Health) is also a major factor responsible for substantial growth in acceptance of clinical informatics networks. 
 
Growth of health informatics market is mainly attributed by two major factors. First being the increasing use of EMRs and EHRs by medical professionals for improving the quality of their services and second being reduction in operating costs of hospitals and related healthcare facilities in near future. The US market for EMRs was estimated at $2.18 billion in 2009 which is forecasted to rise to $6.05 billion by the year 2015 at the compounded annual growth rate of 18.1% during the forecast period from 2010 to 2015. 
 
Healthcare industry is striving to improve the quality of delivering healthcare services and at reduced costs. Federal government and state and regional organizations are investing in this market for bettering the services like computerized health records. Department of Health and Human Services in US is providing better reimbursements for small practices involving certified Electronic Health Records (EHR) which is expected to boost this market in upcoming years. 
 
Some of the major players of this market include 3t Systems Inc., Accuro Healthcare Solutions, Adaptis, Agfa HealthCare Corp., Allscripts, Amcom Software, Axiom Resource Management Inc., Benchmark Systems, Cardinal Health, Cerner Corp., CGI, CNSI, Cognizant Technology Solutions, Companion Technologies, and others. Allscripts was the biggest contributor in EMR and EHR market in 2010 with the market share of around 15.7% of the physician office market. 

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Health Informatics Market

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